SECURITIES AND EXCHANGE COMMISSION ~~W~ [IDil@~~~ (Prepared by the SEC Off,ce of Public Information) (lasue 110. 72-167) FOR RELEASE _---' __ ..Ulor.;t........3"'1........1...9.....72"-__ - DICISIOIIS IN ADIIIlfISTUTIVE PROCEEDIlCS IODMIY B. PIICE & CO •• PIISIDIIIT AIm SALlSMAH SANCTIONED. 'lbe SIC announced the i..uance of aD order revoltiag the broker-dealer registration of RodDey B. Price & Co., IDc., of SaDdy SpriQu, Ga., expelliag the fir- froa Mlllbership in the MASD, aDd barriag IocIney B. Price, president of the fira, aDd J_s I. Casey, a sa1es .. n, froa ..sociation vith any broker-dealer. After one year, Price ..y apply to the eo..tssion to beca.e associated with a broker-dealer in a DOn-supervisory capacity upOD an adeqUite showlag that he will be properly supervised, The sanctions imposed by the eom.tssioa were based on its findings that the firm aDd Price sold UDregistered fir- debentures and co.mon stock of Equity National Industries, Inc.; sold Equity stock at excessive prices and -.de fraudulent representations in connec~ion with such sales; aDd failed to comply with net capital, reporting, record-keepiag, customer notification and credit extension requirements. The Commission also fouDd that the fir- and Casey sold unregistered co.-on stock of International Technical Development Corporation, effected purch ..e aDd sale transactions in stock of International and of Growth Sciences, Inc. for the accounts of f custaaers Who had not authorized such tranaactions and made fraudulent representations in connection therewith, and failed to .. intain proper records with respect to those tranSactions. Price was found responsible for a failure of supervision with respect to all of the violations found. The eo..tssion's order .. s based on Price's offer of settlement and consents by the firm and Casey in which they agreed to the above findings aDd the specified sanctions. As part of his offer of settleaent, Price agreed to consent to entry of a permanent injunction against him and the firm in a pending injUDctive action brought against them by the eo..tssion. (SIC v ; Rodney B. Price & Co .. Inc.) (ReI. 34-9740) JOHNSON BARRED. 'lbe SBC has issued aD order barring Jim (James) Johnson of Reno. Nev., fra. association with aDy broker-dealer. After the expiration of one year Johnson ..y apply to the eo.-tssion for pe~ssion to becaae associated with a broker-dealer in a capacity other than as a principal or supervisor, upon an adequate showing that he will be properly superviaed. According to the decision, Johnson was a principal shareholder of Enterprise Securities Corporation during the period Septe.oer-NOve.ber 1971. Among other things, he sold unregistered securities includiag the ~ stocks of Barr Financial Ltd., American Miniag and Development Company, Industrial Manufacturing Corporation, Western Oil aDd Development Corp. and Cardiodynamcs, Inc., -.de false and misleading stat ... nts to cUitaaers regarding certain securities, bid for and purchased securities while Bnterprise Securities .. s engaged in their distribution, and aided and abetted the "intaining of fictitious customer accounts and violations of the credit provisions of Regulation T of the Board of Goveroors of the Federal Reserve System. 'lbe ec-ission's action was taken pursUint to an offer of settlement in which Johnaoa, without admitting or denying the charges, consented to the findings and sanction. (ReI. 34-9741) SCBWBICL\llT & CO. BRANCH (PFlCE, B. CORBH SANCTIONED. 'lbe SBC has issued an order suspending the over-the- counter activities (subject to limited exceptions) of the Hempstead. N. Y. branch office of Schweickart & Co. for 5 bUliness days and suspendiag Eugene Cohen, manager and resident partner of that office, fra. ..sociation with aDy br~r-dealer for 10 business days, The sUipensions commence on Septe.ber 5. According to the decision, the Schweickert firm violated registration provisions of the Securities Act in the offer and sale of unregistered common stock of A. K. Ilectric Corp. in 1968, and Cohea failed re..onably to supervise a person under his supervision with a view to preventing such violations. The order vas issued pursuant to an offer of settlement in which the respondents, without adaitting or deayiag the allegations in the order for proceedings, consented to the iadicated findings and sanctions. (le1. 34-9745) ~u MAMAGBMBNT All) rUSIDIIIT SANCTIOMBD. 'lbe SIC has revoked the investment advber registration of Ullgore MalUl8eaeat, Inc. of Clayton. Mo. and barred its president, John It. Ullgore, froa ..sociation with a broker, dealer or investment adviser. After one year, Ullgore ..y apply to the eo.-tssion to he so ..sociated in a DOD8upervisory capacity upOD aa appropriate showing that he will be adequately supervised. The action ..s baaed on findings that the respondents in the period NOv_ber 1970 - October 1971 had violated provisions of the lDvestment Advisers Act of 1940 in the publication and circulation of advertis ...nts about regi.trant's iuvestuent advisory service. Among other things, such advertisements referred to past recom-endations Which were or would have been profitable and to an index advertised as assistiog ia ..king decisions wbea to buy or sell, without settiag forth infor.atlon required by the rules under the Act. In addi- tion, the advertise.ents compared the index with other indexes without pointing out .. terial differeaces. lespondents had subaitted an offer of settleaent, in which, without admitting or deuying the allegations in the order for proceedings, they consented to the findings and the indicated sanctions. It was represented that respondents had ceased their securltie. activities and had refunded to subscribers of registrant's ..rket lettar the unused balances of their .ubscrlption.. (ReI. IA-332) SIC RIWS DlGlST, AmOST 31, 1972 P.. e 2 IIJaTIlBAST IIIVBSTO!SPLAIIIIlI: COIPOIATIOH PDlWmlTLY IKJOINID. The SIC Bew York l.egioul. Office aDDOUDCed that on Auauat 22 the rederal court in Bew YOl'kCity entered a cODll.ntorder of pe~nt injunction enjoinilllHortb... t Inve.tor. Plannilll Corporation, a Hew York City brok.r-dealer. from further violation. of th. c-.tssion'. net capital rul., bookkeepi .. rule, .upple_ntal net capital aDd financial reportias requir_nts and Jaaulation T. On AUlu.t 23 the Court approv.d the appoiDt.nt, on cODllent,of DllVidBaDdel, CPA, .. a snc trustee to liquidate Northea.t. Seba.tian Attardo, preaident, vas also pe~ently enjoined from aidlog and abettiaa violations. (LR-5512) BOLDDC OOMPAlfY ACT RlLBASI AlllaICAlt MATUUL GAS CO. 'lb. SIC h.. iaaaed a .uppl_ntal order autborialog A.rican Natural G.. ea.pany, a Hew York hold1na ~y, to ia.ue and sell 1.700,000 .hare. of c~ .tock at c.,.Utive biddilll, and to ...... in related intra.y.t.. transactions with Michisan Wiscon.in Pipe Line CoIIpaDy and Hichqan Con.olidated Ga. eo.paay, two .ubsidiary ca.pani... 'Ibis iasue and ..Ie of .tock by ~rican Natural repre.ent. a re.cbedulias of a previously proposed ..1. which was po.tponed by the COIapaDy. (lei. 35-17680) SECURITIES ACT REGISTRATIONS MN!UQIIA HYDllo-ELECTRIC BQ\aJ) (Han. Bruce I. Ilankin. canadian Con.u1ate General, 680 Fifth Ave., New York 10019), fi1.d a regi.tration .tatement on Augu.t 25 .eeking registration of $60 million of bond •• Seriea lA. due 1997 (guarant.ed by the Province of Manitoba), to be off.r.d for public sale through und.r- writer. h ..d.d by The First Bo.ton Corporation, 20 Exchange Pl., New York 10005. Net proceeds will b. used priacipal1y fer capital ..,eniitures in connection With the Board's present construction program and the N.1soD liv.r project. (Fi1. 2-45486) ARMIN POLY FILM CORPORATION, 301 West Side Ave., Jersey City, N. J. 07305, filed a registration statement on August 25 seeking r.gistration of 525,000 shares of ca.mGn stock. of which 300.000 are to be offer.d for public ..le by the company and 225,000 (being outstand~ .hares) by the holders thereof. The offering is to be ..de (* at $29 per share maxiaa.ua)through underwrit... headed by Burnham & Co. Inc., 60 Broad St., New York 10004. The company is engaged in the extrusion. ~nufacture and .a1e of polyethylene fila products and in t.porting and selling popular priced watches. Of ~he net proceeds of its stock ..le, $3.5 million vil1 b. used to purcha.e machinery and equi~nt and the ba1anc. for vorking capital and other corporate purpo.... (Fi1. 2-45488) SCHAAl ELECTRONICS. INC•• 3158 Snelling Ave. South. Minneapolis, Minn. 55406. filed a regi.tration .tata.ent on Augu.t 25 .eeking registration of 90.000 shares of common stock. of which 80,000 are to be offered for public ..le by the company and 10.000 (being out.tanding shares) by the holder thereof {Richard L. Schaak. pre.ident}. The offering is to be made (* at $20 per share maximum) through under- writer. headed by Craig-Hallum. Inc., 133 South Seventh St•• Minneapolis. Minn. 55402. Th. company is engaged pri..rily in the ..le and merchandiling of home and office high fidelity and .tereophonic lound equipment and related items through company-owned and operated retail ..les centers. (File 2-45489) DIIAND lEAL ESTATE INVESTMENT TRUST. 6811 Kenilvorth Ave•• Iliv.rdale.Md. 20840. filed a registration .tateaent on August 25 .eeking regi.tration of 400.000 shares of beneficial interest. to be offered for public ..le at $10 p~ share through Delland Investment Corporation of America. 200 Third St•• S. E., Wa.hington. D. C. 20003. The Tru.t va. eatablished for the purpose of providing investors with an opportunity to participate in equity. mortgage and other inv.stments in real estate. Dellan4Capital Managem.at Corporation is invest_ent advi.er. (File 2-45490) IlBPlESHHENTMACHINERY INCOIlPOBATBD (RHI). 300 Jacksonville 84•• Warminster, Pa.